U.S. stocks rose on Thursday for a third consecutive day after oil dropped, easing inflation concerns, while the government reported that the economy grew last quarter at a faster pace than previously predicted.

A surging dollar helped lower crude oil prices by more than $4 per barrel, the biggest single-session drop since March.

The Dow Jones industrial average ended up 52.19 points, or 0.41 percent, at 12,646.22. The Standard & Poor's 500 Index was up 7.42 points, or 0.53 percent, at 1,398.26. The Nasdaq Composite Index was up 21.62 points, or 0.87 percent, at 2,508.32.

Investors were concerned that rising oil and gasoline prices would affect how consumer spending, which accounts for more than two-thirds of U.S. economic activity.

The revised reading of first-quarter gross domestic product helped ease some worries over recession, which is defined by two straight quarters of decreasing GDP.

The Commerce Department reported that the economy grew at an annual rate of 0.9 percent, above the department's earlier estimate of 0.6 percent and the fourth-quarter increase of 0.6 percent.

In a separate report, the Labor Department said unemployment claims rose 4,000 to 372,000, a bit more than forecast

Technology stocks ended with a strong note after Dell Inc, the No. 2 personal computer maker, reported earnings after the closing bell that beat Wall Street's expectations.